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Serve Robotics Inc., a leader in autonomous delivery robotics, has closed a $15 million private placement with a single institutional investor. This transaction involves the purchase of pre-funded warrants to acquire 2,500,000 shares of Serve’s common stock, along with additional warrants to purchase up to 2,500,000 shares at an exercise price of $6.00 per share.
Key Highlights:
- Transaction Details: Pre-funded warrants and additional warrants sold at $6.00 per share.
- Investment Bank: Aegis Capital Corp. acted as the exclusive placement agent.
- Legal Counsel: Orrick, Herrington & Sutcliffe LLP for Serve and Sichenzia Ross Ference Carmel LLP for Aegis Capital Corp.
- Gross Proceeds: Approximately $15 million before fees and expenses.
- Offering Closure: July 24, 2024.
- Warrant Expiry: Five and a half years from issuance date.
- Regulatory Compliance: Securities sold are exempt from the registration requirements of the Securities Act of 1933.
The gross proceeds from this transaction will support Serve’s continued innovation and expansion in the autonomous delivery sector. This private placement is exempt from the registration requirements of the Securities Act of 1933, as amended, and has not been registered under the Act or applicable state securities laws. Therefore, these securities cannot be offered or sold in the United States without registration or an applicable exemption.
Pursuant to a registration rights agreement with the investor, Serve Robotics has agreed to file one or more registration statements with the Securities and Exchange Commission (SEC) to cover the resale of the common stock and the shares issuable upon exercise of the pre-funded and additional warrants.
About Serve Robotics: Serve Robotics, backed by Uber and NVIDIA, specializes in AI-powered, low-emissions sidewalk delivery robots. Since its spin-off from Uber in 2021, Serve has executed tens of thousands of deliveries for partners like Uber Eats and 7-Eleven. The company has secured multi-year contracts, including a notable agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across various U.S. markets.
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